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in surplus. illinois, the dakotas in debt. missouri is your equivalent of in greece, a permanent bailout. the thing is, whereas markets are amazing institutions for allocating existing goods and services among consumers, they are chronically bad at creating a balance between deficit and surplus regions. a geographic problem, and intertemporal. remember -- if that comes first, suddenly the money lender who later becomes a banker who later becomes wall street plays a hugely significant role in this process. the banker is the conduit of that recycling mechanism. when they get an increase in proportion as the result of their mediation of that process. given that, a failure of the banker is not the same thing as the failure of a clothes maker. suddenly, there are two things that must happen. one, society will demand that banks are not allowed to go to the wall. then bankers are affectively given carte blanche, free money for themselves. and the whole mechanism breaks down like in 2008. it is often said in the eurozone, we made a huge error in europe of binding disparate economies by means o
stories of the year. and, why china set up shop in greece at the height of the euro crisis. but first, this "in the know" message. the euro crisis continued to remain a major concern for investors throughout the course of 2012. at the center of it all, greece. the country grappled with a need for bailouts with strings attached in the form of severe budget cuts that sparked protests from the people. however, the financial crisis in europe is providing an opportunity for china. earlier this year, we heard from new york times reporter liz alderman on a chinese shipping company that is making waves in greece. > > how successful has this shipping company, known as cosco, been so far in greece? > > it's an interesting story. this chinese basically state- run shipping company came in here about three years ago in a $500 million deal that ever since then has been a model for the country, because what they did is they bought half of piraeus port, which is an ancient port in greece and one of the most important ports in the southern mediterranean. what they did was they basically took an operat
the 17 you're yo zone nations have agreed to give an additional loan of nearly $45 billion to greece. they say the debt reduction plan is on its way. the loan will be granted as early as next week. at a meeting last month, the euro zone nation ministers agreed in principle on aid for greece after the government carried out austerity and other measures as preconditions for additional loans. at that time they suspended the final decision on loans. they said they needed to determine if greece's bond buy-back program would be effective. at thursday's meeting they endorsed the buy back plan of the depreciated bonds. they will repurchase bonds from the private sector at a third of their face value. the ministers agreed on a separate loan of nearly $20 billion for greece by thend of next march. loans to greece were suspended for the past six months. >> today's decision on the greek package will remove the clouds that are hanging over greece. >> and the greek prime minister welcomed the decision calling it a big success for greece and a big success for europe. investors are still uncertain a
with a daring new plan to save greece. >> welcome back. greece has announced a plan to buy back bonds as part of its effort to reduce its debt load. >> the success of the plan is essential to unlocking the next payment of eight athens, but it is still uncertain whether it will work -- of aid to a thens, but it is still uncertain whether it will work. >> german finance minister wolfgang schaeuble and his french counterpart, pierre moscovici, went in front of parliament. >> things have to move fast. there is no reason to worry. the calculations are realistic. i hope it works. >> there is no plan b. >> the finance ministers brushoff warnings that the programs might not reduce greek debt enough. spain has formally asked for almost 40 billion euros in aid for its troubled banking sector. >> a strong indication that we have been successful in stabilizing the eurozone. spain now leads -- need less than originally assumed. the situation has improved. >> another trouble spot is cyprus. the country needs a bailout of between 10 billion euros and 17 billion euros. officials are waiting for our report on
unchanged at 4,583. we'll see where trading takes us throughout the rest of the day. greece is buying back bonds. it exceeds the 30 billion euro target. greece had been seeking investors willing to accept at 30 to 40% of the bond's face value. the program is designed to reduce the debt burden. analysts estimate greece will be able to shave about 20 billion euro's off its debt. this will clear the way for greece to receive a new infusion ofore th bilon eos in aid from the eu and other principal lenders. the organization of petroleum export and countries held a general meeting in vienna yesterday. representatives of the 12 oil exporters agreed to retain the current production target of 30 million barrels a day. they say supply is sufficient and prices are appropriate for the moment. prices in new york of benchmark crude futures have been relatively stable since the summer at just around $85 a barrel. this is against a background of slower economic recovery. opec expects demand for crude to rise as the dploe ball economy picks up. some analysts say opec could consider cutting output. heres a
, european finance ministers have said yes to releasing more aid to greece. in a 50 billion euros were freed up on thursday for athens -- >> the 50 billion euros were freed up on thursday for athens. >> there are some who believe it is nothing more than a band-aid. >> emotions spilled over as workers tried to storm a meeting between greek and german officials today are angry over layoffs that are part of broad austerity measures. greeks see the reason to believe next year will be any better. >> they may receive the tranche, but it would be spent in a few months. we will soon be asking for more money. i don't see how that will help the economy. >> one minister remains hopeful, consulting with his counterparts on how to get the economy back on its feet. >> we want to work together to organize a support fund to promote economic growth in greece. >> but that would require attracting private investors. to do that, greece must first settle it unpaid bills. >> of the 9 billion euros that greece still owes, we will pay back everything by 2013 in accordance with the troika deal. >> so, for now, greek
are your percentage chances that the u.s. will eventually end up like greece? >> well, look, if i could just answer that, i'm an optimist on america. i believe in america. i'd buy it, you know, if america was a publicly-traded company, i'd buy the stock every day. this country and this economy is tremendously resilient. and one of the great things, i think, about our book is it's got ideas that require action in washington, it's also at state level, individual level and there's some business and corporate level. so, you know, what are the odds? i would, you know, i'm an on the optimist. i would say we will get back to growth. >> kevin? >> the oecd, which is an organization that studies large, developed nations just did a big study to try to identify how big the policy challenges facing the nations around the world are. and they estimated something called the fiscal adjustment, and the fiscal adjustment for greece that they need -- which is either the immediate tax increase or the immediate reduction in spending necessary to make it so that their economy doesn't just explode is about 3%
. italy, spain, portugal, greece and ireland, hungry are in terrible shape. serious terrible shape. and because some folks don't pay attention to numbers, here's a chance for a statistic to help. students of mine, professors who came to the united states to study the universities where i taught. now professors at the university of acton, major universities increased. today their salaries as we speak are 40 percent less than what they were in may of 2010. try to imagine yourself in a job that you've kept in which the money you get every week is 40% less. police, fire, school teachers, social workers, you name it. .. governments in france and germany have been very frightened since they too are facing an economic crisis and they too are trying to solve it by making demands of their people to pay for something we come in to. they have chosen to use a very dangerous strategy particularly warm germany and the strategy goes like this. we the government are your friends, you the german working-class, because we are not going to allow you to be made to pay for those lazy southern european
. and jeffrey brown samples the poetry about greece's financial woes and its austerity measures. >> we'll hock the person to buy our bread. if you believe the headlines, then we're sunk. greece downgraded deeper into junk. >> ifill: that's all ahead on tonight's newshour.n >> major funding for the pbs newshour has been provided by: moving our economy for 160 years. bnsf, the engine that connects us. >> and by the bill and melinda gates foundation. dedicated to the idea that all people deserve the chance to live a healthy, productive life. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> ifill: much of the world paused today to observe christmas. the day brought all the traditional rites of faith for christians and a new urgency to calls for calm in the troubled corners of the globe. thousands of the faithful greeted pope benedict xvi today at his cal bony overlooking st. peter's square. in that timeless setting,
with stefan pedrazzi about whether he believes there are any reasons to be optimistic about greece. >>> and whether volatility triggered by uncertainty over the fiscal cliff should be hear to stay. the fiscal cliff seems to be here to stay, at least. house speaker john boehner has scrapped the deal on plan b. boehner conceded last night he didn't have enough support from republicans to pass the bill which would raise taxes on households making more than $1 is million a year. the house is now in recess until the end of the year. the white house says the president's main priority now is to ensure taxes goes go up for 98% of americans and 97% of small businesses. for more on the tax, we're joined. talk about the cliff. you wake up to the news this morning. what do you make of it? what do you do now? >> i guess what's happening is there is more idealogical battling going on in the republican party than maybe was obvious a little while ago. our baseline view is they will strike a deal either down to the wire or early next year. growth next year will be quite weak. it has to be said that
? >> greece is a perfect example when you continue to borrow from the future, which is what we're doing right now. so if you don't deal with entitlement reform now, if you don't say to people under 50, things are going to be different, what happens is you get to the point where you're in greece and you tell an 85-year-old, you used to get $150 euros a month and now you're not. chris: the medicine is the cure. >> the comparisons between the united states and greece which republicans like to make are so wildly -- chris: what is the apt comparison if this country doesn't get its act together? >> the united states really is unique. we are still the world's store -- chris: can we bank on the fact that we're the currency of the world and we can keep running enormous deficits? >> we have the ability to issue debt in our own currency and make it credibility. nobody else can do that and people keep buying it. two more quick points, chris, about this what we are seeing now. first, the president has taken leadership of his own party, something he really didn't do during his first term and right out of t
that the andard & poor's has upgraded greece's sovereign credit rating by six notches. the ratings agency cited the country's commitment to debt reduction and monetary injections by international lenders. s&p raised greece's credit rating on tuesday from selective default to b-minus. the new rating is still low and not suited to investment, but s&p officials say the outlook is stable. the greek government bought back sovereign bonds from commercial banks and the private sector earlier this month at prices lower than the face value. s&p officials praised the euro zone members' decision to provide greece with financial support. they say the upgrade reflects s&p's view that greece's neighbors are serious about keeping the country in the eurozone. >>> back here in japan the trade deficit came to about $11.3 billion in november, posting a red for a fifth month in a row. finance ministry officials say the figure is a record high for november. that's the third highest level since comparable records became available back in 1979. exports fell by 4.1% from a year earlier in yen terms. exports have falle
corruption by local officials. and jeffrey brown samples the poetry about greece's financial woes and its austerity measures. that's all ahead on tonight's newshour. >> major funding for the pbs newshour has been provided by: the election commission in egypt confirmed today the new constitution won nearly 64% of the vote in a referendum. the panel also reported turnout was just a third of the country's 52 million registered voters. president mohammed morsi and his muslim brotherhood backed the draft constitution. opponents warned it paves the way for islamic rule and curbs on civil liberties. the six persian gulf arab nations demanded an end to what they called iranian interference. they issued a statement today at the end of the gulf cooperation council's annual summit. the statement gave no details. the six u.s. allied countries, also called for swift international action to end the bloodshed in syria. in central asia, a military plane crashed early this morning in kazakhstan killing 27 people including the country's head of border security. the russian-made aircraft went down near a so
and stalin of -- >> dividing up -- >> yeah, the british will get 90% of greece. the russians get 90% of bulgaria, and hungary, and divide it up that way. it was pretty cynical. but when roosevelt dies, in april of '45, his last telegram to churchill was, we always have these minor disafremonts with the russians about we end up resolving them so let's not make a big deal. no reason we can't maintain friendship after the war. when truman gets in there in 1945, april 12, he immediately takes a different course. roosevelt's alliance with the wartime alliance with the soviets was still very strong at that point. but truman turns to advisers who roosevelt never trusted in the first place, didn't pay any heed to, people like burns. the second day of the 13th -- burns in south carolina, a private plane, and as -- burns gives them same message, the soviets are break all their agreements. they cannot trusted, and within two weeks the u.s. policy tornado the soviet union is going to change in april of 1945. by the time there's that big meeting on april 23rd with molotov and april 23rd, the uni
story. that i would love to, thank you. >>> greece has become the gateway to hundreds of thousands of migrants to enter the country, many of them muslims. athens remains the only eu capital without unofficial moscow. now there are plans to build one next year. will the bankrupt companies -- will the bankrupt country have trouble delivering? >> underground crowded, a legal, the place of worship for muslims and athens. dozens of these poor rooms serve be a huge community. -- dozens of these prior rooms serve out a huge community. >> we respect all religions but they did not have the respect of our muslims to provide as a regular, legal mosque for our workshop. >> the shadow of a now distant past. no mosques have been built in athens since christian greece gained independence in 1832 the omi e.u. capital without. but could that change? this was the site chosen for the first mosque. but previous promises have come to nothing in there is a financial crisis. >> there was a fear in the greek society about the construction of a mosque. we must overcome these fears. it is the commitment of
to talk about greece or not, whether i want to dive straight into the banking union and what chance have we possibly got of getting agreement. >> let's talk about greece, much more fun. no, greece we have to get out of the way. is the debt by back program going to be successful, everyone nds it will. we know that's the one little lynchpin on which everything else rests. so if it's not, the money will not flow, but everybody insists as when he headed into the euro group meeting yesterday that it will be successful. that's also what what we hear from the greeks. there's a bit of arm fwising, but it will probably go through. and then lo and behold ahead of the actual summit in the morning, they can sign up the check for the next greek installment also we hope. we're also closer to a little rescue package for cypress. spanish aid package for the banks is on track. so that was the working list last night. another thing on the to-do list. the head of the euro group confirmed last night that, no, i will not extend anything now, i will definitely leave as head of the euro group at the end of thi
't get. see if you can do better. it wouldn't take much. >>> greece's national bank euro bank alfa and perez says they need the money following disclosures by the lenders last week. greece is concerned that the 50 billion euros set aside for bank recapitalization will be enough to cover the shortfall. >>> and the italian treasury is holding its last debt sale of the year. traders are expecting to see solid demand for the paper after rome placed nearly 12 billion euros of shorted dated paper just yesterday. still, they warn investors could become more discerning in the new year especially as the italian electric tore ral race on thursday. italy expects to raise around 10 billion euros next year. less supply. we know there's still plenty of investor demand and no sign necessarily of re-ignited concern about the longer term health of these -- you could call them peripheral economies. >> no. things have really improved. it's all still down to the ecb's pledge to support these countries if they fulfill the conditions. especially in the case of italy. the country is fulfilling conditions
with the resources at hand. -- >> the c.s. becoming like greece? >> no, that is a profoundly -- do you see as becoming like greece? >> that is a profoundly different situation. the congressional budget office says that if we stay on the course we are on, we will have a debt that is 230% of our gross domestic product of the the next 20 years. most experts say once you get a debt of more than 9% of gross domestic product, that inhibit future economic growth in a significant way. this is just about -- not just about numbers on page, it is really about opportunities for people. whether you will be able to send your kid to school, to college, whether it will be able to buy a car, my house, whether we will have economic opportunity for the people of the country. the best academic research that has been done shows that if a country's debt gets too large in relationship to the size of its economy, the economy does not grow as fast. opportunity is lost. jobs are lost. so there is a similarity with what is happening in europe and what could happen here if we don't get our house in order. >> you talk
the wires. we have quite a bit of support for the euro because of the s.a.p. upgrade on greece and the situation over there. we'll see also the way the market is reacting. let's have a quick look at what the dax is doing. it's been perky, up 0.15%. trading toward the 7,665 level. >> patricia, this comes at a time when people have been focusing on the strength of the euro. as we're over the 1.32 level you mentioned, certainly member countries would like to see a weaker currency. but as long as the surveys hold consistent with strength in the german economy, we're not likely to see that weakening. >> no. absolutely. and the more we get over the entire question will the euro break up or not, as long as that happens we will have some more support in the euro which is not bad if you think about the quantitative easing we've seen in the eurozone and also inflation. that could be the counterpart of the equation, that we still have money being pumped into the economies wheroe ouausterity is going on. we have a little pullback possibly going forward when it comes to the euro. then again
. greece unveiling that $10 billion eurobond buyback. a 52-week high in france and germany. our road map this morning begins in washington where fiscal cliff negotiations according to the "times" has "collapsed." at least for now. with less than a month until the deadline, who blinks first if anyone? >> goldman takes dell from a strength to a buy. is it time to look at the stock and maybe even other players in the beat up personal computer sector? >> manufacturing data out of china. not bad. 50.6. that's the highest in seven months. although shanghai again trades lower even europe's pmi improves a touch in november. first up, we're one month away from the fiscal cliff and so far the white house and congressional republicans are still in disagreement over how to reduce the deficit and avoid a raft of tax hikes and spending cuts. yesterday our own jim cramer and maria bartiromo were on "meet the press" and cramer had a message for fellow panelists and father of the anti-tax pledge, grover norquist. >> most ceos are republican. they're on board. they're not on board with you. they're not on
risk at the moment? we'll keep giving greece money because we can't afford not to. we're still waiting maybe for the ecb to step in. what is the till rask? anything we didn't know about? >> lots of things we don't know. that's the problem. it is the unknown unknown as they say. i think greece is probably too small to view. i think what really bothers me is spain which i think clearly bothers the whole market. the question, a growth going to fall off a cliff or whether it muddle through and a bailout will be sufficient. as you say, we don't know the answer to that question. that remains the tail risk. until we do get close to a resolution, i'm not going to turn massively bullish. >> what's your view on that? >> i think i go along very much with what he's saying. >> what is your view on what happens to spanish growth? >> i think spain has a lot of problems at the moment. it's not seeing a lot in the domestic market. not seeing it move toward an export. in which case spanish growth is going to be very, very weak for some time to come. >> all right. good to see you. thanks very much. alan
. there is no argument there as there wasn't for greece. we know the countries, italy, greece is in a crisis and it's a crisis due to lack of competitiveness. going back to the currency, under the currency they create a wave of all sorts of problems including inflation and i think it is not a good route. >> well, i do rather agree with paula on this one. the problem with the euro is it gives you easy and quick solutions. and we're going to keep developing your currency. as you go back to the old days where you keep lowering your currency and you pay relatively high rates on your debt. so the appeal of the euro in the beginning was, oh, chief debt. it looked like christmas. now we're discovering that that regime, a ten-year regime where many peripheral countries got hammered. only germany sort of really held it together. now we have to look at how to undo this. for countries who have no ambition about their future, then maybe the policy is the way to go. italy had so many things going for it that falling back, that seems almost -- >> how about the service in the g-7. >> italy is two countries. it's
reached on the banking up. it's integrity is good for the agreement and as we focus on greece today, conditions are in place to disburse the next tranche of aid to greece totalling 43 billion euros. >>> over to japan, voters are heading to the poll on sunday. the major indicators suggest a win for the opposition party. the local media says there is still a large pool of undecided japanese voters. kari enjoji has more on this report from tokyo. >> reporter: 12 parties, some less than a month ole are fielding 1,504 candidates. but instead of being slow for choice, voters say i just don't know. polls suggest the prime minister's democratic party is unraveling, hinting that many first-time politicians that swept the party to a victory three years ago could be wiped out. >> it's quite possible that the cpj will sink from neing first or second but possibly to even third parties in japanese politics. >> the dpj's handling of the fukushima disaster and undelivered economic promises have alien ated many voters. if the liberal democratic party wins, shinzo abi could with the newest restoratio
at greece, greece has been very adept at increasing their debt ceiling. now they have 25% unemployment. there are people who can't even finds jobs in cities are having to move out according to press reports to rural areas. that could be our future. as tom said, if you gave the president every job forming tax increase that he's asked for, it's about 3% of the spending. and the president himself has said that the drivers of our debt are medicare, medicaid and health care. nothing else comes close. >> congresswoman stabenow pointed out -- >> you have to deal with the structural reforms to our entitlement spending. protecting current seniors but helping to insure my 10-year-old daughter and 9-year-old son that these programs are around for them. >> medicare savings, lot of republicans not you but a lot of republicans in the last campaign including mitt romney ran against. >> well, george, first of all, the $700 billion in savings doesn't save the government a penny, it takes that and spends it on other people. what -- it's really important that people look. the government is twice the size
. the promise of another bail out funding for greece is keeping the market stable. let's get a check on tokyo markets. on the tokyo foreign exchange the dollar is trading in a narrow bend. that's 82.53 to 55. traders would like to confirm how the u.s. is performing. it's now back above the 107 levels. 107.05 to 10. let's take a look at stocks. japanese share prices are a little change. the nikkei trading above the 9,000 mark. 9,558 so far this morning. looks like everyone is waiting for the u.s. jobs data. let's take a look at the jobs market in the asia pacific. kospi is trading at the central bank's role has become a key focus in japan's general election. the leaders othe ruling party have expressed contrasting views on what the bank of japan can and should do. our business reporter spoke with two economists for their take on the issue. >> translator: debate had heated up ever since banks were urged to take strong action. >> translator: we will boost public spending. that's going to force new money into the market. this will have a positive effect on the economy. >> reporter: the comments h
, washington state in surplus. illinois, the dakotas in debt. missouri is your equivalent of in greece, a permanent bailout. the thing is, whereas markets are amazing institutions for allocating existing goods and services among consumers, they are chronically bad at creating a balance between deficit and surplus regions. a geographic problem, and intertemporal. remember -- if that comes first, suddenly the money lender who later becomes a banker who later becomes wall street plays a hugely significant role in this process. the banker is the conduit of that recycling mechanism. when they get an increase in proportion as the result of their mediation of that process. given that, a failure of the banker is not the same thing as the failure of a clothes maker. suddenly, there are two things that must happen. one, society will demand that banks are not allowed to go to the wall. then bankers are affectively given carte blanche, free money for themselves. and the whole mechanism breaks down like in 2008. it is often said in the eurozone, we made a huge error in europe of binding disparate
friday its newest ipad and ipad mini will hit stores there too. >> susie: greece is one step closer to getting $57 billion in bailout loans. german lawmakers approved the deal reached earlier this week. greece agreed to measures that will drastically reduce its debt over the next seven years. european stock markets and the euro rose on the news. here on wall street, tom, a neutral day on most people here, investors here feeling anxious over the gridlock on the fiscal cliff. the last day of trading for november kind of wimped out. >> tom: yeah, not a lot of price action. lots of volume, though, to end the month, lots of trading volume, but not a lot of price movement here. let's go ahead and take a look at the market focus with the major indices this friday. the major stock indices ended essentlly changed today even with the rhetoric out of washington. the s&p 500 spent most of the session in the red after the disappointing drop in consumer spending. the index finished with a fractional gain. trading volume spiked at the end of the month. 1.2 billion shares on the big board. just und
, greece, portugal are likely to stay in recession for the whole year, i would argue there's a high probability that italy will come out of recession towards the end of the second quarter. >> and that seems to be the real concern that is in the market today, whether the political upheaval, even the campaigning by berlusconi could undo some of that progress. >> i think the key point is will the reform programs that have been initiated by the monte government, will they stay intact? i think there's a reasonable chance, they've had a more than reasonable chance that that is the case. yes, it's not surprising, we have the sell off today. it's inest knowledge that as the campaigning builds up, investors will be nervous.. the move by investors back into italian bonds over the next few months, we could see some exits. but i think if we get a sensible election results, and i think we probably will, then the reform program will be intact and the new government will stick to the budget that is going to be passed in the next two weeks. >> maybe a buying opportunity there. i won't quite put the
austerity measures have prolonged. not taken that area out of recession. in greece, you often hear members of this house who say the united states economy is going to be like greece. oh, really? greece is not growing. greece has lost 25% in its economy in the past five years. greece's economy shrunk by 7% this year alone. there's a 20% unemployment rate in greece and even higher for younger people. greece doesn't make anything that the rest of the world wants. the american economy is dynamic. the american economy always needs to be improving with education, scientific research and infrastructure investment. so, a rational system, a rational political system would respond much differently than what is going on here in this congress. we're talking about spending cuts and allowing tax cuts that haven't produced economic growth to be extended. all of the people that are talking about spending did all the spending. they are the debt and deficit creators. if we want to experience economic growth we have to invest in this economy. and it's critically important to the future of this nation. medica
that didn't have. greece does not have an exit. citigroup had a 90% chance earlier this year. the biggest day of this jurn year was june 17th when they elected a moderate who did not try to pull greece out. and germany stepped up and gave them some money and that september the 6th, that was the european central bank. so you had china, maria, the united states and greece. none of them went off the cliff. maria, this is for you. our little christmas present for you, maria. >> thank you. thank you. >> we want to remember, by the way, this is emblem attic of all these nice things you have said this week for the victims of the newtown connecticut tragedy. we love the way you all have been strong in support of them. >> thank you. i very much appreciate that. michael, let me ask you, what do you want to be avoiding in 2013? >> i think you have to look at it from the standpoint of extreme. it's clearly in the bond market. it's clearly in the love for dividends. it's clearly in the love for income versus capital appreciation, versus cycle kral. i call this the rocky balboa stock market. we've had
-debt nations like spain or greece, then you are probably going to see that safety play back off a little bit. > there are always places to park money. good to have you on the show this morning. have a great trading day. > > you too. if you're not yet fully awake this monday, here's one thing to open your eyes: after years of higher and higher coffee prices to consumers, brazil, which produces a third of the world's coffee, may turn prices around. a record crop there last year is being followed by another bumper crop. our cover story takes a look at what it means for coffee futures and retailers. brazil is expecting a record coffee crop again, just one year after its biggest harvest ever. "that would be a fabulous production." jack scoville, a commodities broker in chicago, says the bumper crop is the direct result of more coffee farms planted in brazil when a series of small crops drove prices high a couple of years ago. "it's because new trees and new areas are coming on." falling futures aren't great for investors, but may have coffee consumers buzzing. "if it's premium coffee, i'll buy a
or any american congress borrow anymore money until with fix this country from becoming greece. that requires significant entitlement reform to save social from bankruptcy and medicare from bankruptcy. social security is going bankrupt in about 20, 25 years. medicare is going bankrupt in 15 or 20 years. the baby boomers are coming in at 10,000 a day. and we just can't scene this. martha: president last week said we'll not play that game. last time around they wouldn't let the debt ceiling go up, i tell you right now, something to this effect we will play that game. >> we will play that game, mr. president. that is not a game. the game you're play something small ball. you're talking about raising rates on top 2% that would run the government for 11 days. you got reelected. how about doing something big that is not liberal? how about doing something big that is bipartisan. every big idea he has is a liberal idea that drowns us in debt. how been maing up, mr. president and use your mandate to bring this country together to stop us from becoming greece? doing what boehner, tip o'n
agree come you both, do you agree with angela merkel's insistence on austerity for greece, spain and italy? >> austerity, yes. the definition of how much. but there's no way you can deal with that problem without a substantial degree of austerity in cases where they have excesses and bubbles and various parts of the economy and deficiencies. you can't sustainably bail them out without basically quid pro quo. on the other hand, let me say you can expect them to maintain austerity and less they're going to get -- that there will be some action. or within a definite period. and this is where kind of the rubber meets the road. everybody i think understands that, let's not call austerity, but you need very discipline policy by the borrower. unity willingness to lend on a part of the creditors. accreditors don't quite trust the borrower's. the borrowers don't quite trust the creditors that they will provide the money. so they don't do this on a grand scale. they do it, comes to kind of a, they differ too much. say, we'll go in for another three months. then a few months later they come
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